HSBC ‘to cut up to 20,000 jobs’

HSBC is poised to unveil plans to cut thousands more jobs in its international empire as the scandal-hit lender struggles to knock its business back into shape.

The global giant, which is reeling from allegations it helped clients dodge tax in Swiss bank accounts, is expected to make the announcement at its investor day on June 9.

The number of job cuts has yet to be finalised, including how many staff will be affected in the UK.

But according to a report on Sky News, between 10,000 and 20,000 around the world could face the axe.

HSBC employed 258,000 at the end of last year.

The new jobs figure will not take into account the potential impact of selling its operations in Brazil and Turkey.

Chief executive Stuart Gulliver has already sacked thousands and offloaded numerous businesses in a bid to address criticism that the sprawling giant had become too big to manage.

HSBC has been mired in a string of scandals which have shattered its reputation and prompted a major overhaul.

It was fined £1.2bn by US regulators in 2012 for laundering billions of dollars for Mexican drugs gangs and terrorists.

HSBC is also among a number of banks combing through details of allegedly corrupt payments involving Fifa officials to assess whether they broke antimoney laundering and bribery rules.

Shareholders will receive details at the investor meeting on how HSBC will determine where its headquarters should be located. The lender (up 1.5p to 624.2p) revealed in April that it was considering moving from London to overseas. It has blamed the spiralling cost of the bank levy.